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Ore deposits of commercial grade are local concentrations of great rarity when considered in relation to the area of unmineralized land surfaces, and they must therefore be considered as the products of exceptional and complex conditions. The data collected from a great number of individual deposits are sufficient to permit certain broad generalizations in regard to the conditions favorable to ore deposition which even numerous exceptions do not invalidate. The broadest general relation of ore deposits is with intrusive rocks, and while there are notable exceptions, the great majority of ore deposits have a visible or closely inferred connection with intrusive rock masses. Conditions that permit the dissipation of the ore-bearing vehicles do not permit the concentration of metals in deposits; the prime factor to consider in this connection is that structural conditions must be such as tend to concentrate and not to dissipate the ore-bearing solutions. The disadvantage of extrusive rocks is at once apparent; any metals the magma may have contained are dissipated at the surface and are lost; with the exception of tiny vugs and cracks in quickly cooled flows, no concentrations of metals are known in extrusive rocks, and the lack of confinement and quick cooling apparently do not permit extrusives to exert mineralizing effect upon the rocks with which they come in contact. The close mineralogical similarity between extrusives and intrusives, and the great difference in mineralizing power is a proof of the ease with which magmas part with their metallic content, and of the mobility of the ore-bearing vehicles in comparison with the parent magma.

Jan 1, 1932

By J. C. Mertz

ACCURATE knowledge of the solid solubilities of the elements that dissolve in the important base metals is needed for guidance in the preparation and heat-treatment of the alloys derived from these compo-nents. While there is still difference of opinion concerning the merits of the X-ray and microscopic methods of determining such solubilities, it is certainly true that the recent extensive use of X-ray diffraction to review the existing constitutional data has revealed many glaring inaccu-racies and has brought about a much improved knowledge of phase-boundary locations, which will inevitably come to include all of the important alloy systems. When the work is done with all necessary precautions it appears that in the majority of cases where the solubilities extend beyond a few tenths of a per cent the X-ray back-reflection technique is capable of furnishing the best of information in this field. For the most prolonged and thorough studies it is obviously advisable to combine the results of several methods, in particular, to obtain an agreement between X-ray and microscopic data. This paper reviews the work previously done on the solubilities of phosphorus, arsenic, antimony and bismuth in copper and, in considera-tion of the uncertainties thus made apparent, presents, new X-ray data obtained with the first three members of this group.

Jan 1, 1936

By Jay Carpenter

THIS paper deals with only one step in the treatment of ore at the West End mill; not because the other steps are repetitions of practice in other mills, but because in this particular step there is in use the Trent agitator. This device, although it has apparently failed in many mills, is here giving excellent service and has proved to be well adapted for making a thorough replacement of pregnant solution with a minimum amount of barren solution. The strong and weak points of this agitator, its present simple construction, and its use as a thickener for agitator or battery pulp are features of interest; but perhaps the point of greatest interest to the metallurgist in this day of continuous decantation is its use in a series of tanks for slime treatment by the replacement method. The agitating department of the West End mill consists of six redwood tanks, 24 ft. in diameter, 18 ft. high, each equipped with aTrent agitator, a centrifugal pump, and a motor. The pulp is transferred by a pump from the top of a flat-bottomed tank to a set of arms and nozzles in the bottom of the tank, at just sufficient pressure to cause the arms to revolve. The streams from the many nozzles keep the bottom of the tank clean, and these streams, coupled with the effect of the revolving mechanism and the ascending current, keep the pulp in constant motion and of constant gravity. .These agitating tanks hold 90 tons of dry slime and 202 tons of solution with a 1.24 pulp, our ore having a specific gravity of 2.7. This capacity is about 10 per cent. in excess of the standard 15 by 45 ft. Pachuca tank. The tanks are connected in one series for continuous agitation, the pulp for each agitator being drawn by its pump through a branch suction from near the top of the preceding tank and. delivered to the bottom of the tank by the agitator arms along with the regular pulp of that agitator. This method works automatically, since the flow through the branch suction varies directly with the difference in head of the two tanks. The chance for new pulp to pass out quickly is, therefore, much less than in many other systems of continuous agitation, since the new

Jan 8, 1915

By Mowry Bates

THE following example of the practical application of engineering geology is of interest in that it demonstrates the advantage of keeping accurate records of all wells, whether drilled by one's self or by others, together with the advantage gained by gathering such data during the process of development. The fault described was found in the autumn of 1915, during the hurried development caused by the discovery of the famous Gusher Bend pool in Red River Parish, Louisiana. The writer was at the time employed by one of the operating companies as geologist, and the example is a portion of the routine work. LOCATION The oil fields of northern Louisiana and east Texas are located in Caddo, Bossier, De Soto and Red River Parishes, Louisiana, and Marion County, Texas. A very narrow strip of the eastern portion of the latter is productive. The producing oil pools are known as the Caddo Field, in the northern part, and the De Soto-Red River Field, in the southern. The two fields are 60 miles apart. There are several gas fields between then, but no important supply of oil has been found, though there are several producing wells in the Anona chalk, locally called the chalk rock, in the Elm Grove gas field in Township 16 North, Range 11 West (see Plate 1).

Jan 5, 1918

By Ernest A. Kaarsberg

This paper presents the results of studies of the elasticity of some isotropic and anisotropic rock samples based on longitudinal- and shear-wave pulse velocity measurements. Experimental evidence from velocity measurements on isotropic steel samples is also presented to show, within error limits, that any two of the elastic constants required to completely describe the elasticity of an isotropic solid can be obtained from any two of the following four velocity measurements: longitudinal "rod,' "plate," extended medium (infinite medium equivalent), or shear wave. Measurements of three of these velocities in an approximately isotropic basaltic rock sample are used to illustrate this application to this type of rock. For the anisotropic study, a suite of Colorado oil shale samples is used. These rocks exhibited transverse isotropy. The five elastic constants required to completely specify this type of anisotropy are obtained from longitudinal- and shear-wave pulse velocity measurements made in directions parallel, perpen-dicular, and at 45° to the bedding plane. Density, velocity, and elastic modulus relationships among these shales are also given. Duvall 1 has described a method for determining the elastic constants of isotropic and, in two cases, anisotropic rock samples. This method is based on ultrasonic pulse techniques and on resonance-frequency measurements of rock samples in the shape of rods (diamond drill cores). Rock samples, however, are not always available in rod form. When this is the case, other methods can be used to study their

Jan 1, 1969

By W. M. Courtis

SINCE many accounts of Silver Islet Mine, in Lake Superior, have already been published, it is supposed that the members of the Institute are familiar with the location and character of the mine. To many, however, a more detailed account of the ore and manner of treatment will, perhaps, not be without interest. The extraordinary richness of Silver Islet ores, and the difficulty of obtaining correct assays, induced the company to erect smelting works of its own. Accordingly, ground was broken at Wyandotte, Mich., early in the spring of 1871, and the work was pressed on with indomitable energy by Captain E. B. Ward of Detroit, as president, and Mr. Thomas MacFarlane, the discoverer of Silver Islet, as superintendent of the works, so that by July 1st the works were so far completed that smelting could be commenced. The intention was to work Western ores with those from Lake Superior, since the latter contain but a small amount of lead. Hence the capacity of the works is much larger than is needed for the present yield of the mine. The planned process for treatment was smelt-

Jan 1, 1874

By William M. Courtis

Since many accounts of Silver Islet Mine, in Lake Superior, have already been published, it is supposed that the members of the Institute are familiar with the location and character of the mine. To many, however, a more detailed account of the ore and manner of treatment will, perhaps, not be without interest. The extraordinary richness of Silver Islet ores, and the difficulty of obtaining correct assays, induced the company to erect smelting works of its own. Accordingly, ground was broken at Wyandotte; Mich., early in the spring of 1871, and the work was pressed on with indomitable energy by Captain E. B. Ward of Detroit, as president, and Mr. Thomas MacFarlane, the discoverer of Silver Islet, as superintendent of the works, so that by July 1st the works were so far completed that smelting could be commenced. The intention was to work Western ores with those from Lake Superior, since the latter contain but a small amount of lead. Hence the capacity of the works is much larger than is needed for the present yield of the mine. The planned process for treatment was smelt-

By J. C. Osler

The design of a tailings dam is a geotechnical engineering project of considerable scope. For the design, it is necessary to establish the engineering properties of the soil or rock strata which will support the dam and the tailings or other fill which will be used to construct the dam. The various field and laboratory investigations which are necessary to obtain the required design parameters are discussed in the paper and the use of these parameters to compute stability, settlement, and seepage are considered. The designer of a tailings dam can never assume an absolute knowledge of the properties of the foundation strata. Further, initial design assumptions are often approximate, particularly with regard to the distribution of pore pressures through and beneath the dam. Thus, the installation of performance monitoring instruments is recommended, since data obtained from such instrumentation can be used to check the stability of the structure both during construction and after its completion.

Jan 1, 1972

By R. M. Raymond

THE Mining Section of The National Safety Council recently sent out a questionnaire to operators, regarding the class of rope used, specifications required or obtained, factors of safety observed, methods of fastening ropes, lubrication, inspection, and points observed when rope is to be discarded. The answers received from this questionnaire, largely from metal mines, give interesting information, from which recommendations for safety practice on hoisting ropes are drawn. DEPTH OF MINE The depth in the majority of cases noted is from 1000 ft. to 1500 ft. (304 to 457 m.) and records come from a number hoisting from depths of 2000 to 3000 ft. Hoisting is generally done in balance, with a few companies using counterweights. Seldom, more than two shifts are occupied in hoisting. A number of large operators limit the shift for engineers to 6 hr. A few of the larger operators have separate hoists for men and supplies, with a higher class rope for men. The range of loads varies from 7 to 17 tons and greater in a few cases, with a balanced weight of 4 to 7 tons.

Jan 2, 1922

By Severn P. Brown

Search for ore continued at a feverish pace-as can be attested to by anyone who has tried to arrange for extensive diamond drilling. The stakes are high, and so is the cost as was indicated by Selco Exploration Ltd. when they announced discovery of base metal sulfides at Uchi Lake in northwestern Ontario. It was apparently their first commercial find after 15 years of exploration at a cost of more than $10 million. For the first time in many, many years the big exploration news has come from east of the Mississippi River. In January, the New Jersey Zinc Co., in an unusually worded press release, stated that they had made a major zinc discovery of 13-50 million tons of ore averaging 5-10% Zn. New Jersey's holdings are said to embrace 500 sq mi. The ore was discovered in eastern Tennessee in the upper part of the Knox dolomite of early Ordovician age. Reportedly the mineralization is at depths of 900 to 2000 ft. Currently about 20 diamond drills are working the area for New Jersey. At least nine other major companies are prospecting the region, which now includes parts of Kentucky. Five hundred thousand acres are said to be under lease. Greatest activity is clustered around Carthage, Tenn. In Missouri, the St. Joseph Lead Co. announced plans to develop a new mine in the Brushy Creek area of the "New Lead Belt." copper and zinc concentrates will be by-products.

Jan 1, 1970

By Arthur Notman

(San Francisco Meeting, September, 1915) SACRAMENTO HILL is a mass of granite porphyry intruded along a fault between Paleozoic sediments and pre-Cambrian schists in the Bisbee district, Cochise County, Arizona. The intrusion invaded both walls of the fault to a large extent, and the accompanying extensive mineralization of the Paleozoic limestones is the locus of the great high-grade copper orebodies of the Bisbee mines. Prior to 1909, although the presence of ore in the mass of the hill itself had long been suspected, systematic exploration had not been attempted. A few shallow pits on the surface here and there had disclosed some chalcocite with associated carbonates as stringers in a mass of strongly brecciated, silicified, and iron-stained porphyry. The workings in the surrounding limestones had penetrated the porphyry in a dozen or so places for some distance from the contact but had disclosed no ore. However, the rock had been largely altered to quartz and sericite and very thoroughly impregnated with pyrite and traces of the copper sulphides. A close geological study of the conditions, both surface and underground, strengthened these suspicions, and plans for prospecting the hill were made in 1909. Reference to the accompanying illustrations, Figs. 1 and 2, will give an idea of the general appearance of the surface. The mineralization is more intense in two main zones, one at the west end and the other at the east end of the hill. The outcrop of the hill is elliptical and approximately 3,000 ft. long by 1,400 ft. wide. The Sacramento shaft, which is the main hoisting shaft of the mine and situated at the east end of the hill, as shown by the accompanying map (Fig. 3), offered a convenient base for prospecting that end of the hill, while the workings from the Holbrook shaft offered a similar opportunity at the west end. The choice of level for the first work was determined by analogy with the most favorable depth for enrichment below surface observed in the other disseminated deposits of the Southwest.

Jan 8, 1915

By J. E. Owen

A model of a porous body is presented in which the pore space consists of a system of voids and interconnecting tubes. Relationships between porosity and resistivity formation factor are determined partly by calculation, partly by experiment. Con triction effects characteristic of the model are shown to be sufficient to account for high formation factors. It is shown that constriction may be combined with moderate amounts of tortuosity to give model pore systems exhibiting to a first approximation porosity and resistivity properties similiar to those of natural porous bodies. INTRODUCTION The relationship between the electric resistivity of a fluid-filled porous body and the geometry of its pore space is so complex that the calculation of the resistivity of a natural porous rock is a practical impossibility. Both the resistivity of a body and its porosity are measurable quantities, however, and previous successes at relating them have been reached by an empirical approach. Efforts at obtaining theoretically derived formulae relating them have generally been unsatisfactory. One of the reasons for this may lie in the pore geometry that has been assumed. THE TORTUOSITY CONCEPT A Parameter called the formation factor is useful in dis-cussing the resistivity of a fluid-filled porous body. This parameter is the ratio of the resistivity of a fluid saturated porous body to the resistivity of the saturating fluid. Formation factors are often available from measurements on cores or from electric logs, and many attempts have been made to correlate formation factors and porosities of geological formations. Whenever a successful correlation is found, the engineer working with electrical logs has a useful tool for the determination of porsities of pay section?. One of the more successful formulae applicable to these correlations is the familiar equation empirically obtained by Archie.' which F is the formation factor. $ is the porosity, and rn is an exponent called the cementation factor. When the for- mula applies, the cementation factor usually is found to be between 1.3 and 2.2. The values for formation factors experimentally obtained are often higher than simple pore geometry would lead one to expect. In an effort to account for such high values certain formulae have been derived based on a so-called "tortuosity concept." In deriving these formulae a synthetic porous body is usually assumed in which the solid material is an electrical non-conductor. and in which the pore system consists of three sets of fluid-filled tubes of uniform diameter connecting opposite faces of the body which, for convenience, is considered to be cubical in shape. The three sets of tubes account for the whole of the effective porosity of the body, and usually, it is specified that they do not interconnect. By considering that the pore tubes are not straight but tortuous, their resistance to the flow of electric currents can be made as high as needed to explain high formation factors. Such an explanation has some basis in fact, but it appears that the tortuosity concept is often incorrectly applied when other factors are largely responsible for observed high resistivities. Recently, Wyllie and Spangler have recognized that tortuosity as calculated by conventional formulae has little if any physical significance.' RESISTIVITY AND THE CONSTRICTION CONCEPT Any explanation of high formation factors which depends solely on tortuosity of uniform pore paths necessarily ignores the effect that variations in the cross-sectional area of the conducting paths have on the resistivity of a body. Although, as previously pointed out, the calculation of such paths for an actual body is impossible, it will he shown that a synthetic pore network can be devised which will yield to analysis, and lead to results in agreement with the experimental data represented by Equation (1). The porous body to be considered is assumed to be homogeneous and isotropic or, for present purposes, identical in its characteristics in the three directions parallel to its coordinate axes. It will he assumed to be built of identical unit cubes, each of which contains a single pore network connecting all faces of the unit cube. A unit of such a pore network is shown

Jan 1, 1952

By E. J. Schmitz

Coming from San Antonio, Texas, and following the Galveston, Harrisburg and San Antonio Railroad westwards, one enters soon the Cretaceous formation, which forms a belt of several hundred miles, extending westwards to the boundary of Arizona and across the Rio Grande into the State of Coahuila, Mexico. The members of this formation are very numerous and in petrographical character very diverse—from a whitish or bluish, slaty, impure limestone to a hard, beautiful blue-and-red striped, and a compact heavy-bedded,

Jan 1, 1885

By W. Joseph Schlitt, Kenneth J. Richards, John D. Prater

Kennecott Minerals Company has developed a leach-hydrolysis route for treating flue dusts from copper smelters The flue dusts are acid leached in an oxygen atmosphere to solubilize copper and fix the arsenic, antimony, and bismuth as stable compounds Copper is recovered by cementation with Iron and the barren solution is recycled Molybdenum and other values may be recovered by modification of the basic flow sheet Results of bench scale and pilot plant tests are discussed in terms of the effect of operating parameters.

Jan 1, 1981

By D. McLean

For many pu@oses uniform strength is desired over a long temperature range, coupled to a band of softness at the hot end for easy shaping. Various types of material fulfill such a requirement to different degrees, depending on the regularity of their atomic structure. In long-chain polymers and vitreous glasses the irregular structure leads to a steep temperature dependence of deformation resistance and the temperature band between the hard and brittle condition and the soft condition is only about 100 C. In crystals and especially metals the atomically regular structure leads to a much smaller sensitivity over a wide temperature band, thus approaching the ideal behavim. The reason for this insensitivity is that the regular crystalline structure deforms by the movement of dislocations and the elastic interactions of dislocations in- PLASTICS, GLASSES, AND CRYSTALS The ease or otherwise of deformation varies with temperature much more in some substances than in others. This is an important matter when service over a wide temperature range is needed, especially volve energies of several hundred electron volts compared with which the energy of thermal agitation is insignificant. However, temperature affects a metal's defmmation resistance through its influence on the annealing, m coarsening, of the three-dimensional dislocation network. This coarsening is a phenomenon very similar to grain growth and ideas about grain growth can be applied to it. Taking into account also the temperature dependence of the glide resistance from alloying additions, a reasonable account can be given of the overall effect of temperature on deformation strength and of stress and grain size on deformation rake. Special structures me described. some arising from these ideas and as yet untried, which may benefit metals and polymers but not ni-treous glasses. when in addition a degree of softness suitable for shaping is required at some stage. It would be nice if one could write on this subject in as much detail about plastics, glasses, and so forth, as about metals, but there has been far more study of this matter in metals than in other substances, which is one reason why most of this paper concerns metals. However, in Fig. 1 there are shown the deformation strengths of several nonmetallic substances as a function of temperature. In many tests the attempt at deformation caused breakage and the graph lines are then drawn dashed. Long-chain plastics, a glass, and a crystalline substance are included in Fig. 1. The notable feature of all of them is the sensitivity of the

Jan 1, 1969

By W. C. Lacy

Urban development in semi-arid portions of the Southwest has upset a natural balance of geological conditions resulting in broad-scale and local subsidence or heaving ground conditions, Subsidence can be traced to two general causes: irrigation of reclaimed desert lands that have dry, low-density soils; and depression of the water table by ground water withdrawal. Accumulation of weathered volcanic tuff produces areas with swelling characteristics. Soil and subsidence studies made in the Tucson area in Arizona illustrate foundation problems typical of the Southwest that must be considered in the design of building codes. Anticipation of problems and the adoption of corrective measures in the design of engineering structures, establishment of pertinent building codes, and urban planning and zoning to obtain optimum land usage and conservation of natural resources demands a thorough understanding of geological conditions of a developing urban area. In the arid to semi-arid southwestern United States erosional and depositional processes result in special situations that require special precautions in building practices. A series of studies currently underway in the Tucson area, prompted by foundation failures and breaking of buried service lines, serves to illustrate some of these relationships between the geological environment and history and engineering problems. ENVIRONMENT The desert region of the Southwest is characterized by isolated mountain ranges rising abruptly from low valleys or plains — the ranges generally occupy less area than do the intervening valleys. In southern Arizona the valley floors step up from near sea level to 2000 ft or more in elevation, and the ranges may rise to over 7000 ft. Desert and steppe-type climates predominate — climate is controlled more by elevation than it is by latitude. Both climate types are characterized by a lack of precipitation, the former more so than the latter. Practically all the rain that falls in the region evaporates; runoff or recharge generally occurs only during the wettest period. Water table levels are generally being depressed. Vegetation is restricted and consists mainly of creosote bush, cacti and sage brush on the deserts, and mesquite, pinon juniper and various types of grass on the steppes. Precipitation varies from about 3 in. on the warm deserts to about 12 in. on the steppes. Most of this falls in the summer or winter, with only rare storms in other seasons. Summer thunderstorms, often accompanied by hail, bring cloudbursts which send torrents of water streaming down the mountains onto

Jan 1, 1964

By K. I. Savage, L. G. Austin, S. C. Sun

The comminution environment - the physical, chemical, and solid state - was studied for silicon carbide ground wet in a laboratory vibratory mill. The relative importance of these variables on the grinding rate of producing a material 50% passing 5µ from a powder feed of 50% passing 19µ was established.

Jan 1, 1975

By Russell Gibson, F. S. Turneaure

The tin deposit of Monserrat, Bolivia, consists of one major vein 1600 m in length. The ore is unusual because of the notable quantity of teallite, even though cassiterite is the principal tin mineral. The deposit, formed at shallow depth under a wide range in temperature, may be classed as xenothermal. Polished sections reveal a complex history of replacement, with low-temperature minerals deposited before high-temperature minerals.

Jan 10, 1950

By R. J. Towner

Tensile properties of Aluminum Powder Metallurgy (APM) products at 600°, 800°, and 1000°F were lowered by cold reductions of as little as 10 or 20 pct. The detrimental effect of cold work on yield strength at elevated temperatures increased with temperature. Heating cold-worked products at 850° to 1150°F removed the structural effects of cold work through the process of recovery and restored, at least partially, the strength at 600°F to the level of hot-worked material. Material containing 5 pct A1203 was recrystallized by cold reductions of 97 pct or more followed by annealing at 1100°F. Recrystallization lowered sharply the strength at room temperature, but raised the strength at 600°and 800°F relative to that of the cold-worked state The high strength of Aluminum Powder Metallurgy (APM) products at elevated temperatures'-4 is well-known. In this paper, some conditions of processing that can affect this important characteristic are presented. The following nomenclature will be used to identify different alloys: All of the above alloys are of the aluminum-aluminum oxide type made from milled powders of commercially pure aluminum with the exception of M486, which is fabricated from atomized A1-Fe alloy powder. The products made from milled powders are hardened by a dispersion of aluminum oxide par- ticles in the aluminum matrix, while the intermetal-lic compound FeAL is the dispersion hardening agent in M 486.' The process used for making all APM products involves the application of heat and pressure to form a compact from powder which is fabricated into an extrusion, sheet, strip, or wire by standard techniques. Probably the most common cold-worked APM product is sheet. Cremens, Bryan, and rant' determined the room-temperature tensile properties and the 600°F stress-rupture properties of XAPOOl and XAPOO3 sheet and reported that there was little difference between the as-extruded, cold-worked, and annealed at 1200°F conditions. On the other hand, Emmons6" found that the tensile and stress-rupture properties of XAPOOl and XAPOO3 sheet at 600" and 800°F were lower than those of extrusions. The tensile properties of XAPOO3 sheet were also determined at elevated temperatures by Doyle' and ~ayward.' According to Friske" and Kendal et a1.," cold working by swaging, rolling, and tube drawing reduced the tensile and creep-rupture strength of XAP 001 Recrystallized aluminum powder metallurgy products are rare because the dispersion in the aluminum matrix is usually too fine, uniform, and concentrated to permit recrystallization. However, Lenel12 was able to recrystallize wires made from aluminum powders containing about 1.75 and 3.0 pct oxide and found that the tensile properties at room temperature remained higher than those of annealed commercially pure aluminum because of the dispersed oxide particles. Westerman and Lenel13 found the kinetics of recrystallization of the powder products were very different from those of cold-drawn commercially pure aluminum wire. The alloy containing 3.0 pct oxide recrystallized to a very coarse grain size was more creep-resistant at 400" to 600°C (752" to 1112°F) than in the as-extruded, fine-grained condition, according to Ansell and weertman.14 Ansell and aenel" further studied creep at 500" to 620°C (932" to 1148°F) of recrystallized 1.75 pct oxide wire and confirmed the creep model of Ansell and Weertman. The present work is being reported for the fulfillment of the following objectives: 1) to show the effect of cold work on tensile properties at elevated temperatures;

Jan 1, 1964

By Charles White Merrill

Money is one of the most .pervasive elements in human life. The compensation for a workman's daily efforts is expressed as a wage and is measured in money. What an individual may consume depends largely on his income which also is expressed in terms of money. If he would start an enterprise its size would be determined in large part by the amount of money available for capitalization and its success would be measured in net income expressed in money. In short, the most widely used common denominator for comparing merchandise, real property, jobs, enterprises, gross national product, or personal success is money. Despite this use of money by almost everyone past infancy to express his appraisal of the in- numerable values he sees around himself, the complexity of the device called money makes its nature and workings a mystery to most users. Some of the difficulty in understanding money results from the fact that it has three distinct but interrelated functions: (1) a medium of exchange, (2) a unit of account, and (3) a store of value. In many statements about money the discussion moves from one function of money to another without the speaker or the listener recognizing the changes. For example, the housewife says "We took the money we had saved up to make the down payment and after twelve monthly payments the television will be ours." When this housewife spoke of "saving up the down payment" she referred to money in its function as a store of value; when she spoke of "the down payment" she was using money as a medium of exchange; and when she referred to the "monthly payments" she spoke of money as a unit of account. Another cause of confusion in understanding money is its paradoxical nature in that it represents both the power to produce and the power to consume. For example, when the rich uncle dies one nephew may regard his inheritance as an opportunity to buy a farm and leave the ranks of the wage earners to become an independent producer, whereas the other nephew may regard his portion as the means of living in complete leisure as a pure consumer.

Jan 1, 1959